Hess Midstream (HESM) said Thursday Q3 net income and adjusted EBITDA are expected at the lower end of the previous guidance range.

Full year 2025 net income and adjusted EBITDA are now expected to be in the lower half of the previous guidance range, the company said.

The company said it still expects long-term growth in gas throughput volumes through at least 2027 in the Bakken, but oil throughput volumes are expected to plateau next year due to a decrease in planned rig activity. The updated outlook is based on an expected decrease in Bakken rig activity by Chevron (CVX) from four to three drilling rigs starting in Q4, Hess said.

Hess also said it now expects "relatively flat" adjusted EBITDA in 2026 compared with 2025.

Hess shares were down 2% in after-hours activity.